S&P 500 Index Snaps Six-Day Rally, Edges In on All-Time Highs
Login

S&P 500 Index Snaps Six-Day Rally, Edges In on All-Time Highs

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

S&P 500 Price Analysis – October 20

On Wednesday, the S&P 500 index opened in the green for the sixth day in a row. The index, which hit an all-time high of 4,551 on September 3, was up 0.25 percent on the day at 4,542 at the time of writing. Risk appetite has increased as a result of positive quarterly earnings.

Key Levels
Resistance Levels: 4650, 4600, 4551
Support Levels: 4500, 4465, 4400
S&P 500 Long term Trend: Bullish
On the daily charts, the bulls have made a positive move away from sideways trade, and the index may try to maintain the breach of the 4500 resistance level. Meanwhile, if the bulls are unable to reclaim control at this point, a retreat towards the next support at 4465 levels is possible.

The longer-term tendency remains cautiously higher, with more resistance visible beyond the all-time high of 4,551 at first, which must be overcome to pave the way for a move towards 5,000 levels. However, we may see a more rigorous evaluation of a cluster of projection levels in the 4551/4600 range and beyond in the future.
S&P 500 Short term Trend: Bullish
During the early American trading session, the S&P 500 rose sharply. At the 4536 levels, the index is trading above the moving average of 5 in an upside channel pattern. The index is expected to rise during the next trading session, according to technical indicators. The 4551 levels could be a potential goal for bulls to break.

The horizontal support at 4500, on the other hand, could act as support for the futures index in this session and the next. If the index surges, it will be supported on the break by the 4 hours moving average of 5 near the 4530 levels, where buyers may re-emerge on such pullbacks.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News